Travelling overseas is exciting, but managing money efficiently while abroad is key to enjoying your trip stress-free. With global travel bouncing back after the pandemic, travellers seek easier, safer, and more transparent ways to spend internationally.
Travel money management has changed. Many now prefer digital and contactless payment methods over cash. Multi-currency wallets and travel-friendly credit cards are becoming popular. These tools offer perks like better exchange rates, avoid extra fees, and offer additional security features, making overseas spending less intimidating.
In this guide, we’ll explore popular options for managing your money abroad. We’ll compare multi-currency cards to help you decide which fits your needs. Whether you’re planning a quick holiday or a long trip, we’ll show you how these cards can save you money and avoid confusion.
How to choose the right card for your travel needs
When spending abroad, consider two main types of cards: Multi-currency cards and credit cards. Multi-currency cards allow users to hold and exchange multiple currencies with low fees, making them ideal for managing travel expenses.
Travel credit cards reward users with air miles or cashback on travel purchases, along with perks like insurance and lounge access.
These two types of cards appeal to travellers with different priorities. Mile hunters might prefer travel credit cards because they value VIP airport access and flight booking.
1. Multi-currency cards
Multi-currency cards are prepaid cards that allow users to store multiple currencies, making them ideal for frequent travellers. You can load several currencies onto the card via bank transfer through their apps, and it automatically deducts the right currency when used.
These cards often offer competitive exchange rates. If you watch for favourable rates and convert your money at the right time, this can lock in the preferred rate. While convenient for international payments, users should be aware of potential fees for currency conversion, ATM withdrawals, and inactivity.
We’ve selected several products that stood out to our team for ease of use, a transparent user experience, and travel-friendly features.
YouTrip
YouTrip is a multi-currency wallet and travel card for travellers and international shoppers. It supports ten major wallet currencies, including the Singapore Dollar (SGD), US Dollar (USD), Euro (EUR), British Pound (GBP), and Australian Dollar (AUD).
For transactions in other currencies, YouTrip uses Mastercard’s competitive exchange rates without the extra fees from banks or currency exchange services.
In addition to ten major currencies, YouTrip provides access to over 150 currencies for global spending. These currencies are converted at the transaction time using Mastercard’s exchange rates, offering flexibility. The card also supports fee-freeATM withdrawals up to a specified limit.
Wise
Wise (formerly TransferWise) offers a versatile multi-currency account supporting over 40 currencies, including the US Dollar (USD), Euro (EUR), British Pound (GBP), Singapore Dollar (SGD), and Australian Dollar (AUD), as well as less common currencies like the South African Rand (ZAR) and Turkish Lira (TRY).
Wise provides the actual exchange rate for conversions, allowing users to avoid hidden fees from traditional banks and money changers.
Wise allows users to hold multiple currencies and convert funds internationally to over 70 countries with transparent, low fees. Their platform provides local banking details in certain currencies, making it easier to send and receive money as if users had a local account.
Revolut
Revolut offers a multi-currency account supporting over 30 currencies, including the US Dollar (USD), Euro (EUR), British Pound (GBP), Australian Dollar (AUD), Singapore Dollar (SGD), and Canadian Dollar (CAD).
It accommodates less common currencies like the Japanese Yen (JPY), South African Rand (ZAR), and Turkish Lira (TRY). This makes it a good choice for travellers to these locations.
The platform allows users to hold multiple currencies, exchange them at real-time interbank rates with minimal fees, and track their spending across currencies with integrated budgeting tools.
These include setting up savings goals in Vaults, earning cashback on eligible purchases from selected businesses, and accessing disposable virtual cards, a temporary, one-time use digital payment card that enhances security and privacy by shielding your actual card details for secure online transactions. To encourage user loyalty, Revolut offers several tiers—Standard, Premium, and Metal—for users to unlock higher limits for fee-free exchanges and additional perks like travel insurance and priority customer support.
2. Travel credit cards
The other type of travel card is the traveller-targeted credit card. These can be useful for frequent travellers, offering rewards points, cashback, or air miles.
The right choice depends on your travel frequency, preferred rewards system, and perks importance. Let’s look at these three picks for frequent travellers, with competitive annual fees, valuable overseas rewards, and premium travel perks.
Citi PremierMiles
The Citi PremierMiles Card is a travel-focused credit card that lets cardholders earn Citi Miles with their purchases. Citi Miles are a reward currency issued by Citibank, redeemable for flights, hotel stays, or other travel-related expenses.
Cardholders earn 1.2 Citi Miles for every S$1 spent locally and 2.2 Citi Miles for every S$1 spent abroad. They earn extra miles when booking hotels through Kaligo (10 miles per S$1) and Agoda (up to 7 miles per S$1).
Citi Miles don’t expire. The card includes two free Priority Pass lounge visits yearly, offering global airport lounge access. Other benefits include travel insurance and earning miles on non-traditional payments through Citi PayAll, plus a 10,000 Citi Miles renewal bonus after paying the S$196.20 annual fee. However, foreign currency transactions may incur additional fees.
Other perks include exclusive online booking bonuses and complimentary travel insurance. However, foreign currency transactions have a 3.25% fee, impacting overseas purchases.The Citi PremierMiles Card is ideal for frequent travellers seeking to maximise rewards and elevate their travel experiences.
DBS Altitude
The DBS Altitude Visa Signature Card offers up to 4.3 miles per S$1 on Agoda hotel bookings, 2.2 miles per S$1 on overseas foreign currency spend, and 1.3 miles per S$1 on local purchases. New cardholders can enjoy a 10,000 miles welcome bonus after paying the annual fee, waived for the first year.
The card offers complimentary travel insurance and a Priority Pass digital membership for access to over 1,200 airport lounges worldwide, with two free visits annually and additional access for a fee.
You can redeem earned miles for rewards like flight upgrades and shopping vouchers, and there is no expiration on them. There are seasonal promotions to earn up to 5 miles per S$1 on foreign transactions.
Maybank Horizon Visa
The Maybank Horizon Visa Signature card offers rewards for dining, petrol, and travel spending. Cardholders can earn up to 3.2 air miles per S$1 spent on overseas expenses and air ticket purchases. Air miles are redeemable for travel-related benefits like discounted or free flights. For local spending, the card provides up to 2.8 air miles per S$1 on foreign currency transactions, with no cap on miles. It also offers 2.8 air miles per S$1 on air tickets and travel-related purchases for efficient accumulation.
The card includes additional benefits, like welcome rewards (e.g., 10,000 air miles, S$200 cashback, or Apple AirPods) upon meeting specific spending requirements within the first few months. These features may appeal to frequent travelers or travel-related expenses.
Benefits of multi-currency cards vs travel credit cards
Multi-currency card comparison
| Card Name | YouTrip | Revolut | Wise |
| Best for | Budget travellers | Tech-savvy users | Sending money overseas |
| Supported currencies | 150+ | 30+ | 41 |
| Currency fees | None | No fees on weekdays within your plan’s limits, 1% on weekends, regardless of the plan. | 0.35% to 2% |
| Card fee | Free | Starts free with premium options | Free |
| ATM withdrawal fees | Withdrawals above S$400/month incur a 2% fee, plus possible ATM fees. | Withdrawals above S$350/month incur a 2% fee | First 2 ATM withdrawals in a month are free up to S$350. After that, a 1.75% fee applies. An inactivity fee after 12 months. |
| Rewards and perks | Cashbacks, higher limits for fee-free exchanges, travel insurance, and priority customer support. | Local banking details to let users send and receive payments in 9 currencies like they have a local account. |
Sources: Youtrip, Wise, Revolut
Travel credit card comparison
| Card Name | Citi PremierMiles | DBS Altitude | Maybank Horizon Visa |
| Best for | Frequent flyers | Perk-valuing travelers | Lifestyle spending |
| Currency fees | 3.25% | 3.25% | 3.25% |
| Card Fee | S$194.40 annually | S$196.20 annually for principal card S$98.10 annually for supplementary cards | S$180 annually, which is waived for the first 3 years if you spend at least S$18,000 annually |
| Lounge access | Limited airport lounge access based on card type | Priority Pass digital membership grants two free airport lounge visits annually. | Minimum of $1000 retail spend in a single transaction within three months, limited to one visit per quarter. |
| Miles per S$1 | 1.2 Citi Miles per S$1 locally 2.2 Citi Miles per S$1 spent in foreign currencies | 4.3 miles per S$1 on Agoda hotel bookings Local purchases earn 1.3 miles per S$1. 2.2 miles per S$1 on foreign currencies. | up to 3.2 miles per S$1 on overseas spending and air ticket purchases up to 2.8 miles per S$1 on overseas spending in foreign currencies, with no cap on the miles earned. 2.8 miles per S$1 on air tickets booked with any airline and travel-related purchases. |
| Rewards and perks | Earn miles on non-traditional payments through Citi PayAll offers a 10,000 Citi miles renewal bonus each year for paying the S$196.20 annual fee. exclusive online booking bonuses, complimentary travel insurance | New cardholder welcome bonus of 10,000 miles after paying the annual fee. Complimentary travel insurance Seasonal promotions to earn up to 5 miles per S$1 on foreign transactions. | Welcome rewards like up to 10,000 air miles, S$200 cashback, or Apple AirPods for meeting spending requirements |
Source: Citi PremierMiles, DBS Bank, Maybank Horizon
Conclusion
Whether you prioritise saving on currency conversion fees, earning rewards like air miles, or accessing travel perks like lounge access, choosing the right card can greatly impact your overseas spending.
Multi-currency cards offer flexibility and convenience for international payments, while travel credit cards provide rewards and benefits for frequent travellers and lifestyle spenders.
Evaluate your travel needs and spending habits to find the best card for your goals. This will ensure a smoother and more rewarding experience on your next journey. Happy travels!
Read more: Best Credit Cards in Singapore for Travel and Rewards
